if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff. people will remember back in 2011 the last time this course of action was threatened, our entire recovery was put at risk. consumer confidence plunged, business investment plunged, growth dropped. we can't go down that path again. and today's agreement enshrines, i think, a principle into law that will remain in place as long as i am president. the deficit needs to be reduced in way that's balanced. everyone pays their fair share. everyone does their part. that's how our economy works best. that's hough we grow. the sum total of all the budget agreements we've reached so far proves that there is a path forward that, it is possible if we focus not on our politics but what's -- but on what's right for the country. and the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little bi